UAE posts $327M budget deficit in first 9 mths

The UAE federal budget deficit touched 1.2 billion dirhams ($326.7 mln) end of September this year and is expected to be lower by the year end, the minister of state for financial affairs said on Sunday.

“We expect it to decrease by end of 2011,” Obaid Humaid al-Tayer told reporters on the sidelines of a conference in Abu Dhabi.

The minister said there are no plans to impose any new taxes or fees next year to finance any possible budget deficit. The projected budget deficit for 2012 is 400 million dirhams, he said.
($1 = 3.673 UAE Dirhams) (Reporting by Stanley Carvalho, Editing by Martina Fuchs)